AUD/USD Rebound Tests 0.7060 Resistance – UOB
AUD/USD's sharp rebound from 0.6979 to 0.7055 has room to extend toward 0.7060, but a clear break above this level is seen as unlikely near-term, according to UOB analysts.
AUDUSD
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann note that AUD/USD staged a sharp rebound from the 0.6979 level, rising to 0.7055. They see potential for further upside toward the 0.7060 resistance area.
However, the analysts caution that a decisive break above 0.7060 appears unlikely in the near term. The pair's movement remains confined below this key technical threshold, suggesting a battle between buying momentum and overhead supply.
Source: FXStreet Forex News